CBDT Circular On AIFs Read Down By Delhi HC

As per the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 ('AIF Regulations'), an alternative investment fund ('AIF') means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate, which: (i) is a privately pooled investment vehicle; and (ii) is not covered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Securities and Exchange Board of India ('SEBI') to regulate fund management activities. In accordance with the AIF Regulations, no entity or person can act as an AIF, unless it has obtained a certificate of registration from SEBI and in a case where the entity seeking such registration is a trust, the deed of trust must be first registered as per the Registration Act, 1908. As per Regulation